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IFIS Obtains CBN Final Approval, Crosses the 10,000 Agents’ Mark

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Mike Ogbalu,CEO,Interswitch Financial Inclusion Services
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Interswitch Group has recorded another first with the granting of Interswitch Financial Inclusion Services (IFIS), Commercial Super-Agent license by Central Bank of Nigeria (CBN).

 

IFIS has fulfilled all Approval-in-Principle requirements and has a business mandate to grow an active Agent Network of 150,000 by 2020.

 

Trading as Quickteller Paypoint, IFIS aims to increase the availability of digital financial services in financially-excluded locations in Nigeria from 44% to over 70% in five years.

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Quickteller Paypoint has now crossed a symbolic milestone by breaking the 10,000 activated agent mark.

 

With this feat, Quickteller Paypoint now has the second largest agent network in Nigeria.

 

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Confirming the license update, Mike Ogbalu, Divisional CEO, IFIS, said that,”With excitement, we are proud to announce this feat.

“We are conscious of the fact that work is only just starting.

 

“We would not be resting on our oars and remain fully dedicated to our cause and business mandate.

 

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“By way of investment in people and technology, we continue to reaffirm our commitment to this ambitious project.

 

“We understand the essence of financial inclusion and the impact on national development.

 

“With our 10,000 strong agent network, we are well-positioned to serve the nooks and crannies.

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Working closely with governments at various levels and international agencies, IFIS is set to take its services deeper into the rural communities while creating new entrepreneurs and enhancing existing SMEs.

 

“We express genuine appreciation to all of our esteemed agents (10,000 and counting), our valuable partners, stakeholders and the CBN for believing in our vision.

 

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“We will continue to upgrade our systems and security measures in line with developments in the payments industry.

 

“As a licensed super-agent with a high sense of responsibility and professionalism, we will continue to abide by the regulatory framework.

 

Quickteller Paypoint was fully plugged into the Financial Inclusion Week (October 30 – November 3, 2017) geared towards building a more inclusive financial ecosystem. With new products and partnerships, we will continue to empower our agents and customers alike.

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He stated that Quickteller Paypoint understands the pain points of the underserved and unbanked Nigerians and is designed to digitize cash and commoditize access to financial services.

 

Quickteller Paypoint value proposition cuts across entrepreneurs, artisans, small shop owners, traders, supermarkets, trade associations, retail chains, government agencies and service providers.

 

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Mr.Ogbalu noted that, Quickteller Paypoint is premised on shared prosperity which is an interesting platform for economic growth, that can be translated to mean “mutual growth” In the simplest terms.

 

Shop owners or existing businesses can earn additional income by adding an array of payment services to their existing bouquet.

 

Commercial and microfinance banks, Telcos, Cable TV providers, Betting companies, Discos, Insurers, Government Agencies etc can deepen penetration for their business by expanding into communities that hitherto, were relatively unreachable.

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Quickteller Paypoint also offers bill payments, airtime recharge, money transfers, deposits, withdrawals, government payments, lottery winnings and more.

 

It will be noted that,Interswitch has been known since its launch in 2002 to be one of the strongest proponents of the attainment of a truly cashless society and has been known to push the boundaries of technology in achieving this.

 

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The company in 2014 was listed by Deloitte as the fastest growing tech company in Africa with a year-on-year growth rate of over 1500%.

 

Interswitch has also made considerable inroads into the East African market with the acquisition of Paynet Kenya alongside a strategic partnership with KCB Bank across several East African countries.

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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

MacOS Users Report More Cyber Threats than Windows Users – Survey Reveals

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Kaspersky’s latest survey highlights a protection gap between macOS and Windows based devices. While macOS has long been regarded as the more secure operating system, 12% of its users reported malware infections compared with 9% of Windows users. Moreover, only 35% of macOS owners install dedicated security software, versus 42% of Windows users.

According to Kaspersky’s latest global survey*, Windows users report a higher adoption rate for most security measures, while macOS users show a modest advantage in a few privacy‑focused actions. At the same time, during the past year macOS users reported higher percentages than Windows users for a number of cybersecurity incidents.

The largest gap in cybersecurity approaches appears in the habit of not opening suspicious emails or links, with 62% of Windows users following this practice compared to 51% of macOS users.

What’s more, when it comes to cybersecurity software installation, macOS users are also lagging behind. While among Windows users  42% reported using digital‑life‑protection software, for macOS this rate is only 35%, what Kaspersky security experts call a worryingly low figure.

It is noteworthy that 12% of macOS respondents said they fell victim to phishing (fake emails, websites or messages) over the past year compared with 9% of Windows users. Moreover, during this period macOS users faced more scams and investment frauds (16% vs 13%), privacy violations (11% vs 8%) and thefts of personal data (12% vs 7%).

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To counter these specific threats, robust anti-malware and anti-phishing protection is essential. Malware authors put a lot of effort into developing new, more powerful and stealthier versions of stealers, spies and other classes of malicious payloads, while relying on phishing techniques that allows them to get access to user’s data.

Dedicated security solutions add a crucial layer of real-time detection and defence that complements macOS’s built-in protection – and independent tests have repeatedly shown that effective options, such as Kaspersky Premium for macOS, deliver strong protection. In 2025, AV-TEST recognised it as the top-performing macOS security solution based on consistent, reliable results across a full year of evaluations.

When it comes to credentials and passwords safety, Windows users also show better security practices’ adoption rates. They lead in using a unique password for each account (38% vs 35%) and complex passwords (52% vs 45%), two‑factor or multi‑factor authentication (51% vs 46%).

Adopting a dedicated password manager becomes a logical next step. Such tools store all credentials in a secure vault protected by a single master password, eliminating the need to remember hundreds of passwords while keeping them safe from breaches.

They also support modern authentication methods like passkeys, enabling seamless, single-tap sign-in across all devices through secure synchronisation – capabilities offered by solutions such as Kaspersky Password Manager.

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“There are entrenched stereotypes that macOS is inherently more secure because its user base is smaller, leading cyber‑criminals to deem it a lower‑value target, or because the platform itself includes many robust security features. While these observations are not entirely unfounded, the threat landscape has evolved dramatically.

Attackers actively employ phishing and commit supply chain attacks, which often allow them to affect users of any operating system in a single malware campaign. Moreover, mac specific malware is not rare and there are many malware families that target macs exclusively. Consequently, any device with an Internet connection, regardless of its operating system or form factor, requires cybersecurity software to defend against a wide range of cyber threats,” comments Sergey Puzan, cybersecurity expert at Kaspersky.

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Cyber Resilience a Critical Priority for Manufacturing Amid Rapid Digitalization – Report Shows

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As 60% of manufacturers race toward full digitalisation, cyber risk is increasingly manifesting as a business risk, according to a new global report by Kaspersky and VDC Strategy.

This means cybersecurity is not merely a compliance function, it is a cornerstone of production assurance, safeguarding uptime, quality, and operational continuity.

Manufacturers are modernising to deliver safer, more consistent and more cost-effective production and digitalization is moving fast: just 9% of organisations describe themselves as fully digital today, but 60% expect to get there within two years, according to the joint report by Kaspersky and VDC, titled ‘Cyber Resilience, Built for Manufacturing’.

That shift links shop-floor equipment, production lines and site operations to platforms such as Manufacturing execution systems (MES), Supervisory control and data acquisition (SCADA) and historians, turning many plants into cyber-physical systems (CPS), where a digital disruption doesn’t stay digital. It can slow production lines, quarantine work in progress, invalidate traceability records, or halt production outright.

What’s driving manufacturing digitalization?

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Manufacturers are digitising for measurable operational gains, not novelty. Survey respondents identified the primary drivers of their digital transformation strategy as:

  • Improving production output or efficiency (24%)
  • Reducing operational or production expenses (15%)
  • Enabling new strategic opportunities (14%)
  • Improving cyber resilience (13%)

The same connected systems that unlock these gains, including MES, IIoT sensors, automated material handling, remote engineering access, also become the systems that determine whether production can be trusted to keep running.

Cyber risk is now a business risk

Cyber risk has evolved from a mere IT concern to a direct threat to revenue generation, as environments transform into cyber-physical systems. In these integrated settings, digital disruptions like malware no longer just affect data, they can cause unsafe operations, scrapped batches, and halted production on the plant floor. This shift highlights the urgent need to treat cybersecurity as a key part of operational resilience.

According to the report, nearly 60% of manufacturing organisations estimate that cyber incidents cause damages exceeding $1 million per event, with an average disruption of 15.3 hours. The most significant losses often result from production halts, missed delivery commitments, and penalties, rather than just forensic costs.

In this context, downtime links cybersecurity risks to overall business performance. Cyber incidents can reduce Overall Equipment Effectiveness (OEE), strain staffing, and disrupt supply chains. Recovery involves more than system restore, it requires re-establishing confidence in process parameters, quality records, and traceability before resuming operations.

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Mature cybersecurity programs now incorporate OT security into governance, focusing on metrics valued by production leaders such as time to restore, backup confidence, legacy asset coverage, and safe degraded operation. This alignment ensures cybersecurity supports continuous production and resilience, not just IT compliance.

However, challenges remain due to split ownership. While 59% of organisations’ IT departments manage security policies, these often overlook plant realities. Managing many security tools (44%) and OT patching issues (38%) show that cybersecurity must be embedded into daily routines of production, engineering, and quality teams. Only through such integration can cybersecurity effectively enhance operational reliability and defend against evolving threats.

“As manufacturing environments become increasingly interconnected, cybersecurity shifts focus from merely adding protective layers to ensuring the availability, resilience, and integrity of production processes. The goal is to minimise operational impact and speed up recovery, rather than solely preventing intrusions.

“Kaspersky offers a unified ecosystem that integrates IT, OT, and IIoT security, empowering manufacturers to pursue digital transformation securely. This strategy helps maintain operational continuity and reduces long-term cybersecurity costs,” comments Andrey Strelkov, Head of Industrial Cybersecurity Product Line at Kaspersky.

To implement this strategy, manufacturing companies can leverage solutions from the Kaspersky OT Cybersecurity Ecosystem, centered around Kaspersky Industrial CyberSecurity (KICS), a native Extended Detection and Response platform designed for critical infrastructure protection. KICS enables centralised detection and response to complex attacks across the entire industrial network, ensuring comprehensive visibility and security.

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NDPC Probes UNILAG, Lotus Bank, Hackerbella over Alleged Students’ Data Misuse

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Nigeria Data Protection Commission (NDPC) has commenced a forensic investigation into the University of Lagos (UNILAG), Lotus Bank and Hackerbella Ltd over alleged violations of data protection laws involving students’ personal information.

NDPC Probes UNILAG, Lotus Bank, Hackerbella over Alleged Students’ Data Misuse

The investigation follows public complaints alleging that students’ personal data were used to open bank accounts without a lawful basis.

Dr Vincent Olatunji, national commissioner and chief executive officer of the NDPC, directed the investigation team to conduct a comprehensive assessment of the circumstances surrounding the collection, processing, use and disclosure of the affected students’ personal data.

The investigation will also determine the respective roles and responsibilities of UNILAG, Lotus Bank and Hackerbella in the alleged processing of the data.

According to the Commission, the investigation will assess the data protection compliance obligations of the parties under the Nigeria Data Protection Act, 2023 (NDP Act), as well as potential risks posed to the rights and freedoms of the affected data subjects.

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The NDPC said the probe would cover several areas, including Data Protection Impact Assessments (DPIAs), the lawfulness and transparency of credit scoring or profiling activities, and the use of automated decision-making systems.

It will also examine the adequacy of privacy notices, data-sharing arrangements, lawful bases for processing, data minimisation and purpose limitation.

Other areas include data retention policies and the adequacy of technical and organisational measures put in place to safeguard the rights and personal data of affected students.

The Commission reiterated that institutions entrusted with the personal data of students, staff and other members of their communities have a heightened responsibility to ensure that such information is processed lawfully, fairly, transparently and securely.

The NDPC therefore warned educational institutions that are yet to comply with its existing data protection compliance directives to take immediate steps to achieve compliance.

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The Commission said it would continue to exercise its regulatory mandate to protect the privacy rights of Nigerians and ensure that organisations processing personal data comply with the provisions of the Nigeria Data Protection Act, 2023.

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